https://www.taxtmi.com/caselaws?id=408176 The Tribunal upheld the Adjudicating Authority's decision, ruling that the successful auction purchaser must pay the Maintenance Security Deposit (MSD) of Rs. 6 Lakhs in addition to the bid price of Rs. 130 Lakhs. The Tribunal found that the terms and conditions of the auction explicitly required the payment of the MSD, rejecting the appellant's argument that it was included in the bid amount. Additionally, the Tribunal allowed an extension of time for payment of the balance sale consideration due to the pandemic, directing payment within 10 days without interest. The appeal was dismissed, affirming the clarity and enforceability of the auction terms. en-us Tue, 01 Jun 2021 00:00:00 +0530 Wed, 02 Jun 2021 08:40:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408176 The Tribunal upheld the Adjudicating Authority's decision, ruling that the successful auction purchaser must pay the Maintenance Security Deposit (MSD) of Rs. 6 Lakhs in addition to the bid price of Rs. 130 Lakhs. The Tribunal found that the terms and conditions of the auction explicitly required the payment of the MSD, rejecting the appellant's argument that it was included in the bid amount. Additionally, the Tribunal allowed an extension of time for payment of the balance sale consideration due to the pandemic, directing payment within 10 days without interest. The appeal was dismissed, affirming the clarity and enforceability of the auction terms. Case-Laws Insolvency and Bankruptcy Tue, 01 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408176